The Diamond Ranch is located northeast of Chugwater on Richeau Creek. The historical and architectural significance of the Ranch sets it apart from any other ranch in the state of Wyoming. The owner architect, George D. Rainsford, is representative of the many eastern and foreign stockgrowers who came west in the late 1870s to invest their fortunes in the high plains cattle industry. Rainsford was also unique in this group because of his simultaneous architectural contributions both at his own ranch and for his 1880's designs in the city of Cheyenne. In addition, Rainsford set the standard for fine horsebreeding not only in Wyoming but on an international scale, a factor which still influences Wyoming's horse ranching industry. The native stone buildings were utilized as part of a large family owned stock ranch. All buildings are constructed of rock face native stone with simplified ornamentation, a Rainsford trademark.

The Swan Land and Cattle Company was one of the several well-known foreign stock companies which operated in the United States. Located near Chugwater in eastern Wyoming, it was one of the largest cattle companies in the country and operated for over 70 years. Organized in Scotland in 1883, with a capital of $3,000,000, the Swan Land and Cattle Company had over 113,00 head on the books when the severe winter of 1886-1887 struck, reducing the company's herd to about 57,000 in 1887. Following this hard winter, the company went into bankruptcy and reduced its inventory and capital, with its herd cut down to 40,000 in 1893. The company continued to operate until 1904 when it went into the sheep business. At the peak of the company's sheep business in 1911, it ran about 112,000 head. The company continued its operations until 1945 when it began liquidating.